- By Divanshi Sharma
- Fri, 01 Dec 2023 02:03 PM (IST)
- Source:JND
SAIC Motor, a global Fortune 500 company with annual revenues of around US$ 110 billion and a presence in over 100 countries, and the JSW Group, one of India’s leading global business conglomerates with US$ 23 billion in revenues across diversified businesses, have entered into a strategic Joint Venture.
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The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London with the objective of accelerating the transformation and growth of MG Motor in India. SAIC Motor and JSW Group will create strategic synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives including augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
According to the agreement signed, JSW Group will hold 35% in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver extraordinary mobility solutions with an unwavering focus on the Indian consumer.
The joint venture will optimize SAIC Motor’s vast automotive experience and technical expertise to demonstrate brand MG’s spiritual cores - globalization, digitalization, rejuvenation, and young attitude. It will also leverage the large presence of JSW Group across B2B and B2C sectors of the Indian economy to augment local sourcing and establish a robust supply chain. Together, SAIC and JSW Group will work towards creating a smart and sustainable automotive ecosystem in India by bolstering the development of NEVs and ICEs with Carbon Neutrality, Sustainability and Green Mobility at the centre of its shared vision. Both JV partners are committed to continue staying invested in the Indian market with a vision towards achieving sustainable growth.
